Bank invests $ 20 million to revitalize Atlanta neighborhood
A commitment of $ 20 million from Fifth Third Bank will help the Grove Park Foundation revitalize a neighborhood under the spotlight for possible redevelopment.
- The bank announced last week that it would commit $ 2 million in grants and $ 18 million in affordable financing for housing and small business loans through its Neighborhood investment program.
Why is this important: The investment will help the Grove Park Foundation “to expand and amplify its equitable revitalization efforts that provide access to opportunities for all residents,” said Fifth Third Bank.
- The Grove Park Foundation’s plan calls for the creation of 200 affordable housing units and the support of approximately 30 new and existing businesses in the predominantly black community.
What they‘I say : “We are grateful for the generous commitment of the Neighborhood Investment Program which will accelerate the work of the Grove Park community to build a thriving neighborhood that preserves the legacy of longtime members of our community and creates new opportunities for our black residents. Executive Director Gavin told McGuire.
The context: Fifth Third Bank’s announcement comes weeks after new affordable housing options were unveiled by Invest Atlanta in Grove Park and two other neighborhoods in northwest Atlanta.
- A $ 2.6 million forgivable loan will be used to acquire and build new homes in the Almond Park, Carey Park and Grove Park neighborhoods, Invest Atlanta said in a statement. Press release.
- The homes will be built on 11.5 acres and will offer a mix of 55 residences for sale and 10 for rent, including single-family homes, duplexes, and secondary suites (smaller living spaces that have their own kitchens, bathrooms and bedroom).
- The homes will be located in the Hollywood Road neighborhood, near Westside Park, Atlanta’s newest and largest park.
After hearing concerns expressed by community members about the possibility of long-term residents being displaced from their homes, Atlanta City Council in March pass an ordinance requiring all future residential development to reserve affordable housing in neighborhoods around the new park.
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